Although Millennials’ financial status isn’t the most solid one, they become the leading target group for real estate industry. Indeed, about 80% of people in their late twenties and early thirties wish for their own house. However, only a third of them will be able to afford the costs of such investment by 2025.
Real estate businesses shouldn’t worry about that, though. Even if Millennials don’t buy a home, they will look for something to rent. No matter if they want to buy or to rent a property, they will turn to the Internet to search for the one perfect for them. In fact, 95% of buyers do just that.
It’s a well-known fact that the Internet is overflown with the offers of properties to rent or buy. In the sea of the listings that sound the same and look quite identical, you need to make your offering distinguishable.
Millennials – the tech lovers
To know what you should add to your offering to make it attractive for Millennials, we should clarify some things.
- Millennials are people born between 1980 and 2000 – it means that they were growing up at the same time that the technology was continually developing. Probably, that’s why they spend so much time on their devices. Which brings us back to the matter of their preference for using the Internet when searching for something they want to buy.
- They like transparency and authenticity – they need all the facts to get a grasp on what to expect. Also, it helps build an open and trusting relationship. So, provide them with all the information, don’t hide anything from them, just show your property as it truly is.
- They look for personalised and memorable experiences – other than authenticity, Millennials want to experience something that will stick in their mind. That usually means coming up with unusual ideas, but with Millennials it comes mostly to find a part of themselves in the content. When it comes to Real Estate, the answer can be a personalised interior design of an off-plan property shown during an in-person presentation.
- They like to share – when they like something they see online, they want to show it to others with a little comment on why it caught their attention. So, the content needs not only to be interesting but also sharable.
Knowing that, you can start looking for something that will come in handy in your offerings. VR, AR, MR may be a good starting point for your research and maybe even investment.
VR, AR, MR for Millennials
Millennials are tech-dependent so going for VR, AR or MR may be a good choice because they’ll see that you understand their needs. Indeed, these technologies fit into all the tendencies mentioned above.
VR, AR and MR help make the whole process of searching a house streamlined, which means that it will become smoother and faster. Even though Millennials prefer to use the Internet when and where they can and want, it doesn’t say they want to spend their whole free time there. Hence, the possibility to eliminate the properties they’re not interested quicker surely is a big plus for them.
Other than accelerating the home-buying or home-renting process, VR, AR and MR provide a real view of the houses. Off-plan investments gain a life-like quality, and there is little possibility of missing out any detail in an existing property. These are also the reasons why the process becomes faster. The prospect not only can feel the space but also can already imagine how their life could look like there.
When it comes to the imagining part – VR, AR and MR enable you to personalise the whole experience. Off-plan investments make it that easier because you can prepare a few of exemplary interior designs and you or the prospect can change them during the tour. Existing properties bring limited options because the one addition to the tour can be a personalised message in shape of a short video or text.
AR and MR can make the experience even more memorable. It could be a treat for Millennials to interact with a 3D model of the property they’re interested in and for example, going from one floor to the other to see its 3D floorplan.
Choose the right formula
When you’re considering what the best choice for you is, you always need to remember about your target group. VR, AR and MR can be your go-to tool when you want to catch Millennials’ attention successfully. They will not only catch on with this technology smoothly but also remember your offering. By implementing VR, AR and MR in your processes, you will meet only with the customers who are confident of their choice and want to confirm their decision.
These technologies may benefit not only you but also your customers. Especially nowadays, such attitude is something that counts.